U.S. durable goods orders rose 7.3% in June

U.S. orders for long-lasting factory goods were expected to rise by 7.2% in June, after jumping 15.7% a month earlier.

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CNX Resources To Buy Remaining Stake In CNX Midstream In $357 Mln Stock Deal

CNX Resources Corp. (CNX) announced Monday an agreement to buy all stake in CNX Midstream Partners LP (CNXM) that it does not already own. The share purchase is in exchange for CNX stock valued at approximately $357 million.

Under the merger deal, CNX will acquire the remaining around 42.1 million units of CNX Midstream at a fixed exchange ratio of 0.88 shares of CNX stock for each publicly held unit of CNX Midstream. It represents a 15 percent premium to the average exchange ratio during the 30 trading days ended July 24.

CNX Midstream common units will no longer be publicly traded after the transaction.

In aggregate, CNX will issue approximately 37 million shares in connection with the proposed deal, representing approximately 17 percent of the total shares outstanding of the pro forma combined entity.

Subject to customary approvals and conditions, the transaction is expected to close in the fourth quarter of 2020.

Don Rush, CFO, said, “Following the completion of the transaction, CNX is expected to be the lowest cost producer in the Appalachian Basin, with increased operational flexibility and basin leading operational metrics.”

Further, the Board of Directors of CNX Midstream GP LLC, which is the general partner of the Partnership, has declared a cash distribution of $0.50 per unit with respect to the second quarter of 2020.

The distribution will be made on August 14 to unitholders of record as of the close of business on August 7.

Walgreens CEO to step down

(Reuters) – Walgreens Boots Alliance Inc (WBA.O) said on Monday Chief Executive Officer Stefano Pessina has decided to step down and will assume the role of executive chairman in the company.

Hughes Network Systems to invest $50 mln to join OneWeb consortium

TOKYO, July 27 (Reuters) – U.S. satellite broadband provider Hughes Network Systems has agreed to invest $50 million in the British government and Bharti-backed consortium buying collapsed satellite operator Oneweb.

Hughes had previously partnered with OneWeb, which collapsed in late March after top backer SoftBank Group Corp declined to provide further funding.

Community Bank System Q2 Profit Tops Estimates – Quick Facts

Community Bank System, Inc. (CBU) reported second quarter operating earnings per share of $0.76 compared to $0.80, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.60, for the quarter. Analysts’ estimates typically exclude special items.

Second quarter total revenues were $144.9 million, a decrease of 2.8%, from the prior year’s second quarter. Excluding net gains on securities of $4.9 million in the second
quarter of 2019, total revenues increased 0.5%. Analysts expected revenue of $147.63 million for the quarter.

The company’s total assets was at $13.4 billion at June 30, 2020, a 25.1% increase over the last twelve months and a 13.8%, increase over the prior quarter end.

Google will let employees work from home for at least another year

Google will keep its employees working from home for at least another full year.

Staff at the search giant — who were first sent home in March due to the coronavirus pandemic — are not expected to return in a large capacity until at least July 2021, according to the Wall Street Journal.

The decision slams a majority of Google’s 200,000 employees around the world and was fueled in part around uncertainty regarding the upcoming school year.

Alphabet CEO Sundar Pichai was reportedly “swayed in part by sympathy for employees with families to plan for uncertain school years that may involve at-home instruction, depending on geography.”

Google had previously told employees to prepare to work from home through the end of 2020, with a return to the office tentatively scheduled for January.

The Mountain View, Calif.-based company in May said that employees working from home will be allowed to expense up to $1,000 for home office needs like standing desks and ergonomic chairs.

Silicon Valley’s tech titans have signaled that working from home may be the new norm moving forward. Twitter CEO Jack Dorsey previously said that he foresees some employees choosing to forego daily trips to the office forever, while Facebook boss Mark Zuckerberg said half of the social-networking giant’s employees could be working remotely within the next five to 10 years.

Shares of Alphabet were up 0.8 percent in Monday morning trading.

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Stock Alert: Xperi Holding Climbs 10%

Shares of Xperi Holding Corp. (XPER), a San Francisco-based technology company, are rising 10 percent or $1.49 in Monday’s morning trade at $16.39 despite no company-specific news influencing the stock.

U.S. stocks are higher on Monday amid optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation. Positive sentiment was also generated after a Commerce Department report showed that durable goods orders continued to move sharply higher in the month of June.

In June, Xperi Holding said that it completed its merger with TiVo Corp., forming a digital entertainment technology platform and one of the industry’s most diverse intellectual property or IP licensing platforms.

Xperi Holding has traded in a range of $9.01 to $22.38 in the past 52 weeks.